80pc of the UK's wealth belongs to the over 50s

'Some of today's retirees are living the kind of life that those in their 30s and 40s can only dream of'

The widening wealth gap between the young and the middle-aged was underlined in a report which claimed the "baby-boom" generation controls the great bulk of the country's wealth.

The over-50s now have £8 out of every £10 in the economy, according to the study by pension company Friends Provident.

Their comfort is based on reaching the peak of their careers on the back of unprecedented economic prosperity, buoyed by decades of rising house prices.

Many are in a position to enjoy early retirement and - thanks to longer life expectancy - can look forward to enjoying their wealth for many years.

By contrast, younger people are burdened by huge mortgages, high levels of personal debt and the threat of reduced pensions that will leave them impoverished in their own retirement.

The difference in expectations between the baby boomers - the increased number of babies born in the ten years after the end of World War Two in 1945 - and those born since 1955 was reinforced by a poll carried out for the report.

It found that six out of ten retired people said they had the freedom to do what they wanted with their lives and more than half said they were able to pursue their own interests.

The over-50s also believe they are ageing less rapidly than their parents and typically say they feel five years younger than their age.

Friends Provident marketing chief Jeremy Ward said: "The baby boomers find themselves in a unique position - they've worked through periods of relative economic prosperity and have experienced rocketing house prices which means many of them have money to spare.

"Some of today's retirees are living the kind of life that those in their 30s and 40s can only dream of, a life of financial freedom and freedom to pursue hobbies and interests with no added burden.

"It is a different story for younger people. The generation aged between 25 and 40 is experiencing anxiety."

The survey comes at a time of growing debate over the generational impact of rising property prices and the collapse of secure company pension schemes.

Young people now face student debts as soon as they start work, a problem never faced by the over-50s who either did not go to university or lived on generous state grants.

Those in their 20s and 30s are also putting off having families because mortgages and living costs increasingly require both of a couple to work.

Many people in their 50s, however, have not only profited heavily from house prices but retain the comfortable final salary pensions that are now rarely available to younger private sector employees.